For satisfaction of collective wants goods and services are produced by:
Government sector
Household sector
Producing sector
External sector
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For satisfaction of collective wants goods and services are produced by:
producing sector
Answered by
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For satisfaction of collective wants goods and services are produced by
Government sector
Explanation:
- Collective wants are of the people living in communities or groups who have wants which can be satisfied by the public goods. The public goods are provided by the government sector. These goods are produced for the welfare of the people and for satisfying their wants
- The collective wants are wants of the society in regards to good roads, good hospitals, good education facilities , good quality of goods and services, effective transports facility and more.
- The public goods are supplied by the government for the benefit of the people. The important point here is that these goods help in satisfying the collective wants of the people living in the society or the community. These goods help in benefiting the total economy as a whole.
To know more about collective wants
Explain concept individual and collective want
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